Real Estate Term of the Day: Condominium

CONDOMINIUM – a system of ownership of individual units in a multi-unit structure, combined with join ownership of commonly used property (sidewalks, hallways, stairs, and other COMMON AREAS) (Barron’s Dictionary of Real Estate Terms)

A condominium complex can offer a more affordable housing opportunity in highly dense areas and is perfect for homeowners that don’t want the responsibility of the exterior maintenance that a single family home requires. Owners of a condo do not own the walls of their unit, but have the rights from the paint in and basically own the air space of the unit.

Don’t be fooled, a condo can look like a town home (or row home). The differing factor of a condo vs a town home is based on the type of ownership and not the aesthetics of the unit. One of the easiest ways to tell if a property is a condo or a town home is to look at the address. If the address has a unit number it is most likely a condominium. It is very hard to look at a unit and know if it is a condo or a town home (see below a picture of a townhouse-style condo).

Confused? Contact me if you would like me to explain this concept in-depth!

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ABOUT LESLIE MONACO

Leslie Monaco, a born and raised Denver native, has been involved in the real estate industry since 2001 and has helped hundreds of clients call Denver their home. Real estate is her passion and that passion reflects on her sincerity in helping clients achieve their real estate goals and needs. Clients that work with Leslie are provided with first class service from the start, throughout their real estate process and beyond the closing. This is evidenced by her being recognized as a 5280 Five Star Real Estate Agent based on customer satisfaction for the past four years. Leslie is a part of a top producing team with The Kentwood Company who consistently sell over $20,000,000 in Metro Denver real estate each year.